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Derivative Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The following tables present the notional amounts and fair values, including accrued interest, of derivative positions:
At September 30, 2022
Asset DerivativesLiability Derivatives
(In thousands)Notional AmountsFair ValueNotional AmountsFair Value
Designated as hedging instruments:
Interest rate derivatives (1)
$850,000 $243 $2,000,000 $16,377 
Not designated as hedging instruments:
Interest rate derivatives (1)
6,731,008 217,613 6,721,716 409,950 
Mortgage banking derivatives (2)
4,445 36 476 3 
Other (3)
155,206 1,601 485,375 447 
Total not designated as hedging instruments6,890,659 219,250 7,207,567 410,400 
Gross derivative instruments, before netting$7,740,659 219,493 $9,207,567 426,777 
Less: Master netting agreements16,877 16,877 
Cash collateral185,968 — 
Total derivative instruments, after netting$16,648 $409,900 
At December 31, 2021
Asset DerivativesLiability Derivatives
(In thousands)Notional AmountsFair ValueNotional AmountsFair Value
Designated as hedging instruments:
Interest rate derivatives (1)
$1,000,000 $17,583 $— $— 
Not designated as hedging instruments:
Interest rate derivatives (1)
4,463,048 141,243 4,372,846 21,570 
Mortgage banking derivatives (2)
14,212 80 — — 
Other (3)
76,755 211 374,688 214 
Total not designated as hedging instruments4,554,015 141,534 4,747,534 21,784 
Gross derivative instruments, before netting$5,554,015 159,117 $4,747,534 21,784 
Less: Master netting agreements6,364 6,364 
Cash collateral19,272 2,119 
Total derivative instruments, after netting$133,481 $13,301 
(1)Balances related to clearing houses are presented as a single unit of account. In accordance with their rule books, clearing houses legally characterize variation margin payments as settlement of derivatives rather than collateral against derivative positions. At September 30, 2022 and December 31, 2021, notional amounts of interest rate swaps cleared through clearing houses include $2.9 billion and $0.4 billion for asset derivatives, respectively, and zero and $2.6 billion for liability derivatives, respectively. The related fair values approximate zero.
(2)Notional amounts related to residential loans exclude approved floating rate commitments of $2.8 million and $1.0 million at September 30, 2022 and December 31, 2021, respectively.
(3)Other derivatives include foreign currency forward contracts related to lending arrangements and customer hedging activity, a Visa equity swap transaction, and risk participation agreements. Notional amounts of risk participation agreements include $103.7 million and $66.0 million for asset derivatives and $464.7 million and $338.2 million for liability derivatives at September 30, 2022 and December 31, 2021, respectively, that have insignificant related fair values.
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location The following tables present fair value positions transitioned from gross to net upon applying counterparty netting agreements:
At September 30, 2022
(In thousands)Gross Amount RecognizedDerivative Offset AmountCash Collateral Received/PledgedNet Amount PresentedAmounts Not Offset
Asset derivatives$219,245 $16,877 $185,968 $16,400 $16,771 
Liability derivatives16,877 16,877 — — 852 
At December 31, 2021
(In thousands)Gross Amount RecognizedDerivative Offset AmountCash Collateral Received/PledgedNet Amount PresentedAmounts Not Offset
Asset derivatives$25,636 $6,364 $19,272 $— $51 
Liability derivatives8,483 6,364 2,119 — 428 
Schedule of Net Investment Hedges, Statements of Financial Performance and Financial Position, Location
The following table summarizes the income statement effect of derivatives designated as cash flow hedges:
Recognized InThree months ended September 30,Nine months ended September 30,
(In thousands)Net Interest Income2022202120222021
Interest rate derivativesLong-term debt$(76)$(90)$(229)$(334)
Interest rate derivativesInterest and fees on loans and leases(483)2,706 3,320 7,933 
Net recognized on cash flow hedges$(559)$2,616 $3,091 $7,599 
The following table summarizes information related to a fair value hedging adjustment:
Condensed Consolidated Balance Sheet Line Item in Which Hedged Item is LocatedCarrying Amount of Hedged ItemCumulative Amount of Fair Value Hedging Adjustment Included in Carrying Amount
(In thousands)At September 30,
2022		At December 31,
2021		At September 30,
2022		At December 31,
2021
Long-term debt$334,796 $338,811 $34,796 $38,811 
Other Derivatives Not Designated For Hedge Accounting The following table summarizes the income statement effect of derivatives not designated as hedging instruments:
Recognized InThree months ended September 30,Nine months ended September 30,
(In thousands)Non-interest Income2022202120222021
Interest rate derivativesOther income$6,032 $2,727 $25,291 $7,132 
Mortgage banking derivativesMortgage banking activities31 38 (47)(556)
OtherOther income3,196 611 4,620 780 
Total not designated as hedging instruments$9,259 $3,376 $29,864 $7,356